Commercial real estate broker buys Stamford office building for $3.45M, moves into top floor

A Stamford-based commercial real estate brokerage has purchased a six-story office building in the city for $3.45 million and relocated its headquarters to the top floor.

Pyramid Real Estate Group has purchased the 30,953-square-foot building, at 500 Summer St., and relocated its 35 employees into a 5,000-square-foot office in that building, said Peter Gray, the firm’s president.

The seller is Noury Holding LLC, controlled by Mahnaz Hakimi, of Syosset, New York, according to property records. Noury Holding LLC bought the building in 2006 for $3.9 million. It was appraised at $3.19 million and assessed at $2.23 million in 2023.

Gray said Pyramid bought 500 Summer St. and relocated from 20 Summer St., where the owner, West Park-Stamford LLC, plans to convert the building into Regus-operated flex space.

Pyramid, which owns 38 commercial properties in Connecticut, mostly in Fairfield County, owned the building at 20 Summer St. from 1979 to 2008 and had occupied it since 1979, Gray said.

He said the building at 500 Summer St. has 16 tenants but is 15% vacant.The building is approved for conversion into 42 apartments, but Pyramid might consider doing that “as an exit plan” 10 to 20 years from now, he said

Michael Gray, managing partner and Peter Gray’s father, founded the firm in 1972.